Kennedy Wilson changes its mind, re-absorbs European division

Kennedy Wilson Holdings, a Beverly Hills-based real estate investment firm, is patching it up with an old friend.

The company announced it has fully re-absorbed Kennedy Wilson Europe Real Estate on Friday, despite a 2014 spinoff, the Los Angeles Business Journal reported. Together, the entity has an $8 billion market capitalization.

“We are moving towards a simplified corporate structure that provides more recurring income from stable property cash flows and greater upside potential from value-enhancing initiatives worldwide,” Kennedy Wilson CEO William J. McMorrow said in a statement.

The U.K-based European subsidy underwent an initial public offering on the London Stock Exchange in 2014. Its portfolio includes over 200 assets spanning across 11.4 million square feet, according to the statement.

Kennedy Wilson, which has 27 offices in six countries, has 59 million square feet under management, including over 3,000 residential units in Southern California alone, according to a representative. It recently purchased two offices in Glendale for $144 million. [LABJ] – Natalie Hoberman